US-based BJ’s Wholesale Club has announced today (3 February) that its board of directors has decided to consider the possible sale of the company.
The retailer announced plans to “explore and evaluate strategic alternatives, including a possible sale of the company”. It has appointed Morgan Stanley as its financial advisor.
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The announcement follows a decision in January to close five stores as part of restructuring plans to drive shareholder value amid talk of investors being unhappy with the company’s performance.
There has also been speculation that private-equity firm Leonard Green & Partners has been pursuing a hostile bid for the operator after it took a 9.5% stake in the company.
BJ’s Wholesale Club said it did not plan to provide updates or make further comments about the process unless a specific transaction is recommended by the independent committee and the board, or the process is concluded.
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